This also doesn't include my future-wife's income or financial assistance family members have suggested they'll offer.

I would recommend the podcasts, they include great real world experiences and a ton of references to books, blogs, articles, forum sections and other podcasts.

I'll see if I can get the house for less than $120k (including repairs), and finding a tenant won't be hard.  

Hi @Chris Webb,When evaluating your cashflow, ensure you include the delta between your old and new mortgage payment as an expense associated with the new real estate acquisition.

folks - I am unable to find profitable opportunities after factoring in all costs including property management and taxes in NJ in desirable areas.

Like many houses throughout Palo Alto and Menlo Park (including Steve Jobs' home), this house was originally developed by John Brooks Boyd and famous developer Joe Eichler.This house is owned by a local investor, who is currently rehabbing it to offer it as a class A SFR.TO LEARN MORE about the project, send me a note and I'll provide you details on the date/location of the meeting.Floor plan of an Eichler Home designed by John Brooks Boyd.

We include the snow blowing in the rental contracts and just figure that average cost...add it to the rent.  

Here is what it says:"Upon any failure of Resident to occupy the Premises for the full term of a fixed term tenancy, for any reason other than as provided in ORS 90.453(2), 90.472 or 90.475, Owner/Agent may charge Resident either:---A)all of the following: i) all rent, unpaid fees and other non-rent charges accrued prior to the date that Owner/Agent knew or reasonably should have known of the abandonment or relinquishment of the Premises; ii) all damages relating to the condition of the Premises; iii) an early termination fee in an amount not to exceed one and one-half month's stated rent and which is due on the earlier of the date Resident gives notice to vacate or the date the Premises is vacated; iv) interest on the above amounts at the statutory rate from the date each was due, and v) all other amounts due at the times specified in this Rental Agreement; or prospective buyers or B) all actual damages resulting from the early termination, including but not limited to: i) repayment of concessions; all rent through the earlier date the Premises is re-rented and the lease termination date; ii) advertising and administrative costs to re-rent the Premises; iii) concessions given to re-rent the Premises; iv) the difference in rent if a lower rental rate is received from a replacement resident during the remaining term of the original Rental Agreement; v) damages related to the condition of the Premises, and iv) interest on all amounts at the statutory rate.

I know this is a guide for HUD subsidized housing including (primarily) Section 8 Project-Based Assistance.

Almost everything is an estimate including rehab costs.